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Opendoor Technologies
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Latest analysis
Updated Aug 19, 2026
Opendoor closes $650M convertible notes; repurchases $158M shares in concurrent transactions.
Opendoor issued $650 million of 0.00% convertible senior notes due 2030 with an initial conversion price of $4.71 per share (35% premium to the $3.49 close on August 12, 2026) and concurrently repurchased $158 million of shares from certain transaction participants. The company also entered into $52.5 million in capped call transactions designed to offset potential dilution upon conversion. This financing action raises indebtedness while structuring conversion economics and equity protection to preserve near-term share count.
Tone: neutralRevenue
$4.4B
OPEN 10-K · FY 2025
Employees
1,042
Revenue FY2024
$5.2B
Founded
2013
Profile
OPEN 10-K Item 1 · Feb 19, 2026Opendoor Technologies is the largest U.S. iBuyer, operating an e-commerce platform for residential real estate that enables homeowners to sell their homes directly to Opendoor for cash and buy homes through a primarily digital experience. The company acts as principal — purchasing homes, conducting repairs, and reselling to end buyers — rather than earning commissions as an intermediary. Since founding in 2014, Opendoor has completed over 294,000 transactions and expanded to effectively nationwide coverage across the contiguous United States.
Read filing description ↓ Collapse description ↑
We are a leading e-commerce platform for residential real estate transactions and the largest U.S. iBuyer. Since founding Opendoor in 2014, our goal has been to reinvent one of life's most important transactions by enabling homeowners to buy, sell, and move through a simple, certain, and largely digital experience. By leveraging artificial intelligence, data science and purpose-built software, we enable consumers to transact directly with Opendoor, eliminating traditional friction and intermediaries. Our platform combines product design and operations to create what we believe will be the future of how people buy or sell a home. Residential real estate is the largest consumer category in the United States. In 2025 alone, more than four million existing homes were sold, representing approximately $1.7 trillion in transactions. Additionally, with approximately two-thirds of Americans living in a home they own, housing is the single largest consumer expenditure in the United States, ahead of transportation, food, insurance, and healthcare. Opendoor transforms the home selling and buying process into a simple and certain online experience. Since launch, customers have demonstrated their desire for our digital, on-demand real estate solution with over 294,000 homes bought and sold by Opendoor across the United States. In 2025, we sold over 11,700 homes and generated $4.4 billion in revenue while continuing to delight customers, maintaining an average Net Promoter Score of nearly 80 from our sellers since 2021. Since our initial market launch in Phoenix in 2014, we have expanded across the United States and operated in 50 markets going into 2025. In late 2025, we began expanding our buybox from a limited set of geographies to effectively nationwide coverage across the contiguous United States, with the ability to make offers in substantially all residential zip codes.
Primary products
- Cash Offer
- Cash Plus Offer
- Title insurance and escrow services
- Real estate brokerage services
- Mortgage products
End markets
Geographies
Named customers
“We believe our singular focus on an end-to-end digital solution, our best-in-class pricing engine, and our low-cost operational platform differentiate us from our competitors and provide a meaningful and sustainable competitive advantage.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue declined from $5,153 million in 2024 to $4,371 million in 2025, driven by a reduction in homes sold from 13,593 to 11,791, reflecting continued contraction in transaction volumes amid elevated mortgage rates and persistent affordability challenges.
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